Lest We Forget that Insurance is Good for Society…

In our business, particularly defending bad faith allegations lobbed against insurers, we regularly run into the perception of the insurance industry as the big bad wolf of modern society. It was refreshing, therefore, to hear another angle recently on NPR, where the “Planet Money” Series did a piece on an insurance experiment in Ghana orchestrated by some economics professors at Yale. In short, the experiment showed that merely having insurance, even without receiving any other incentives, allowed farmers who were successfully producing their crops to expand production to all their fields where they had previously been too afraid of the risks. Thanks for the lesson and the free PR, Planet Money! Here’s the link: What Keeps Farmers Poor